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Home arrow News arrow Mergers and Acquisitions arrow Autoline Industries Ltd. acquires 49% stake in Italy's SZ Design and Zagato
Autoline Industries Ltd. acquires 49% stake in Italy's SZ Design and Zagato Print E-mail
Written by Anand   
Saturday, 04 October 2008
Mumbai: Autoline Industries Ltd. has announced that it's wholly owned subsidiary, Koderat Investments Ltd. has acquired 49% shareholding in SZ Design s.r.l and Zagato s.r.l, Milan, Italy.

Koderat signed a shareholders` agreement with Icon Development whereby it will have the right to increase its shareholding to 60%. According to M Radhakrishnan, Joint MD, Autoline Industries, the deal is for Euro 9 million (580 Million INR) for 60% of SZ Design's stake.

In the two phase deal, Euro 9 million(net) will be paid over the next three years. Initially Autoline will pay Euro 3 million and in the first phase buy 49% stake. In the second phase Autoline will buy another 11% stake taking the total holding to 60%.

Zagato Centrostile, the Milano-based Italian automotive design company responsible for designing some of the most beautiful sports cars of the last century for companies such as Alfa Romeo, Aston Martin, Bugatti, Bentley, Ferrari - Maserati, Lamborghini, Jaguar and Rolls Royce announced that Autoline Industries Limited (India) has taken a significant strategic stake in the company.

Zagato, as part of the Autoline Group will offer ‘Art to Part Solutions’ for automotive and transportation markets around the world, leveraging its 300 person design-engineering team and 10 manufacturing facilities in India and the United States.

Commenting on the move, Gopal Patwardhan, Executive Chairman of Autoline said "With Zagato joining our group, we now cover the entire product development lifecycle, with volume manufacturing and advanced engineering now combined with the most exclusive Italian design".

Andrea Zagato, Chairman of Zagato added, "The combination of the latest finite element modelling and analysis technologies from DEP Autoline, a subsidiary of Autoline Industries, with Zagato's functional design philosophy represents a significant development in our 90 year history. Evolving from Aerospace design sensibilities, we were the first company to adopt computer-aided design in the 1980's. The combination with Autoline and its leading-edge design processes will enable us to continue to offer the best of Italian design with the most innovative software modelling and analysis technologies available in the Automotive industry today".

Last year Autoline had acquired Detroit Engineered Products, a company responsible for reducing the design time to bring out new cars and catering to customers like GM, Ford and Volkswagen. The company will develop a styling studio for SZ Design, as a part of the Autoline Group.

Duke Equity Ltd. (Dubai) and Crescendo Capital (Geneva) acted as financial advisors on the transaction signed at Carnelutti Studio Legale in Milano.

About Zagato Centrostile (Total Design Centre) – Zagato, founded in 1919, is one of the most prolific design houses in the world. The company offers highly flexible styling, modelling and prototype construction facilities to the world’s leading automotive brands. The Company also works with industry leaders in Aerospace, Marine and Railway, including the Ferretti Group, Bombardier and CNH.

About Autoline Industries Ltd. – Listed on the Bombay Stock Exchange, Autoline is an integrated Design, Engineering & Manufacturing company, focused on producing BIW (Body-in-White) complete sheet metal welded assemblies and mechanisms.

Autoline's US subsidiary, DEP Autoline, develops Advanced Engineering Solutions for mechanical design and analysis. In its most recent fiscal year, the Autoline Group had sales revenue of approximately USD100 Million.

Last Updated ( Saturday, 04 October 2008 )
 
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